Pipeline catalysts are the primary driver — watch for IND filing and Phase 2 enrollment start in PV (Q4 2026), Phase 2 initiation in Chagas (late 2026), and topline M. abscessus data (late 2027). The $79.9M cash position removes near-term financing risk. No revenue or earnings surprise to trade on.
Price Chart
Executive Summary
AN2 Therapeutics reported Q2 2026 net loss of $8.2M ($0.18/share) vs $6.5M ($0.21/share) in Q2 2025, with net loss per share improving year-over-year. The company highlighted progress across three Phase 2 programs (polycythemia vera, M. abscessus lung disease, chronic Chagas disease) and a cash runway into 2029 with $79.9M in cash and investments. As a pre-revenue clinical-stage biotech, the filing is neutral — the wider net loss is expected as R&D spending increased to $6.0M from $3.2M, while pipeline catalysts (Phase 2 starts, data readouts) remain the key value drivers.
Key Financial Metrics
Key Facts
- Net loss for Q2 2026 was $8.2M, compared to $6.5M in Q2 2025
- Net loss per share improved to $0.18 from $0.21 year-over-year
- Cash, cash equivalents and investments were $79.9M at June 30, 2026, with runway into 2029
- R&D expenses increased to $6.0M from $3.2M due to CMC, clinical trial, and preclinical costs
- Three Phase 2 programs expected active in 2026: epetraborole in PV, epetraborole in M. abscessus, AN2-502998 in Chagas
- Positive NHP efficacy and Phase 1 safety data for AN2-502998 in Chagas disease announced in June 2026
- Pre-IND meeting held with FDA for Phase 2 PV study (EBO-PV-201); IND filing expected Q3 2026
- Enrollment ongoing in 84-patient Phase 2 investigator-initiated trial for M. abscessus lung disease
Financial Impact
Net loss widened $1.7M YoY to $8.2M; cash burn consistent with clinical-stage operations
Risk Factors
- Clinical trial enrollment delays or negative data across any of three Phase 2 programs
- Dependence on successful regulatory clearance for PV IND and Chagas Phase 2 start
- Pre-revenue stage with no approved products; all value tied to pipeline execution
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-344549 |
| Document: antx-20260811.htm | 0001193125-26-344549 |
| Document: 0001193125-26-344549-index-headers.html | 0001193125-26-344549 |
| Document: 0001193125-26-344549-index.html | 0001193125-26-344549 |
| Document: 0001193125-26-344549.txt | 0001193125-26-344549 |
| 8-K Data (Synthetic) | 0001193125-26-344549 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 10w ago | 8-K | $6.28 | awaiting T+60 | — | $3.86 (−38.61%) |
Jun 4, 2026 20w ago | 8-K | $3.82 $5.55 | ▲ +45.29% | ▲ +41.29% | $3.86 (+0.92%) |
Apr 22, 2026 26w ago | DEFA14A | $4.28 $4.80 | ▲ +12.15% | ▲ +7.13% | $3.86 (−9.93%) |
Apr 21, 2026 27w ago | EFFECT | $3.80 $4.67 | ▲ +22.89% | ▲ +16.00% | $3.86 (+1.45%) |
Apr 20, 2026 27w ago | 424B5 | $3.80 $4.67 | ▼ −22.89% | ▼ −16.00% | $3.86 (−1.45%) |
US Market Status
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